How I Paid Off $27,000 of Debt In One Year 💰

How I Paid Off $27,000 of Debt In One Year 💰

– Hey, loves. What’s up, it’s Toya. Welcome back to my channel. First of all, before I get
started, thank you guys so much who checked out, who got a chance to check out
and signed up to receive the package for the giveaway. If you wanna know more about my website and how it’s geared toward
athletic body types and fashion and 4C hair care and whatnot,
check out the link down below. So today, we’re gonna talk about money. It’s one of my favorite
topics to talk about, so I literally had to
write a little outline so that I didn’t get carried away. (Toya laughs) I get asked from you guys so
much on Snapchat especially and sometimes here on
YouTube on older videos asking me to talk about money and how I paid off almost
$30,000 worth of debt. I wonder if I can pull up
how much I actually paid off. $27,152 and 41 cents. That is how much I paid off
within the span of a year, from August 2016 to August 2017. And these are my five tips
on how you can do it, too. First thing is your mentality. I’m gonna be really
real with you guys here and say that though I’m gonna
talk about income, really, it has to do with getting
yourself out of your own way. I did not grow up with a lot of money. I am not rich. I am not wealthy. I literally had to spend
time learning about money and choosing mentors that
don’t exist in my real life in order to teach me to
unblock myself by having this mentality that I’m probably
gonna be poor for the rest of my life based off of the
people that are around me, based off of how I maybe grew up, or maybe I don’t have enough knowledge, or maybe because I’m not an engineer, or maybe because of whatever it is. You know, there are a
lot of people, and I know because I was one of them,
and it’s something I still go, I still have to continue
to train myself daily in saying that, no, no,
I don’t have to just wish and hope that, you know,
someday I’ll win the lottery or some amazing thing will
just happen for me, you know? I’m just praying for God to
like, just give me money. No. It’s nice and it’s always
good to know that there are miracles and there are
blessings that do happen, but it doesn’t have to be
by some weird twist of fate that you’re gonna get out of debt. You have to really get out of your own way and stop thinking with this
poor person’s mentality. And I’m not talking about poor, poor as in you don’t have
a lot of money, poor. I mean the fact that you feel
like your life is what it is. You’re gonna be here for
the rest of your life, and you’re just gonna scrimp
by and never get ahead. You have to, have to train
yourself out of that. And I’ll talk about
this a little bit more, but whether that’s books,
podcasts, articles. I had to seek out the
information, because I had zero, zero examples of what it looked
like to manage money well. Zero. I had to teach myself,
and I could no longer rely on that crutch of, oh, I
wasn’t born into a rich family, or oh, you know, my parents
didn’t teach me this, or oh, I don’t have, you
know, a rich employer, you know, that’s looking
out for me and sees me as their little project,
or however you think. And I also had to get
rid of the idea money is the root of all evil and
little sayings like that. I have a blog post as well if you guys want a little
bit more information and you wanna know the
books that I had to read. But I’ll get more into that. But the first thing is that
you have to train yourself out of a poor person’s
mentality, and again, poor has nothing to do with money. It is a state of being that basically says that no matter what, because of X, Y, Z, you’re basically telling yourself
you don’t deserve better, that you’ll never get there,
so you have to scrap that out. Two, income. I wanna talk about income
next, because I know that’s what’s on everybody mind. Like, how much money did you make to be able to pay off that? Listen, guys,
(Toya laughs) my income fluctuates heavily year to year depending on what kind
of opportunities I have. I don’t work in like a high,
executive-level position. I don’t do that. I manage my money really well. But income is important, okay? You can’t save money,
you can’t pay off debt, without having some kind of income. So you have to figure out a way to take yourself out of
the rut that you’re in. So now that your mentality is fixed, you need to find ways
of making more income. I prefer, personally, passive income. So, maybe you’re not at the
point where you can invest, because that is a form of passive income. Also real estate is a
form of passive income. Maybe you do something like I do, like blogging or YouTube, you know. Passive income has to do
with you front-loading. All of the work is kind of done
at the front of the project, and then afterwards, as it
lives on, it makes you money. I use YouTube as a big source
of like, my passive income, and a percentage of that
goes towards paying debt, and a percentage goes into
taking care of business. Now, the basic forms of income,
I picked up a second job. I still work. I actually still have two jobs. I do YouTube, and I do acting. So, I’ve been busting my butt to try and make as much
income as possible. So if that means picking up an extra job, doing odds and ends things, you know, taking surveys online. Whatever works for you and
your lifestyle, you have to do it, and then you have
to push yourself just an extra step further in order to
make those numbers go up. Again, I want to get to a
place where I’m not necessarily spending time to make money, you know, because that really is how
wealthy people get wealthy. That is the way to build
wealth, because there’s just simply not enough
hours in the day to make the amount of money that
some of these people make. But in the beginning, when you’re trying to figure things out, and I’m doing this. I’m on the same track as you guys. You know, you need to find
ways of creating income and changing your mindset of you can’t to you can, because you can, okay? You just have to roll up
your sleeves and work. So let’s talk about my
journey in particular based off of my income. I have my original job. I got a second job. I had YouTube, and then I was blessed to have some acting opportunities. And everything, income
tax, gifts from friends, or whatever it is that you
get, you know, you have to, all of that extra,
especially unexpected income, you need to shovel that
away towards your debt. Because if your net
worth is in a negative, you’re in a deficit, okay,
which means that the stuff that you have doesn’t
really belong to you. So I have no debt outside
of my student loans, which I’m currently working on. So, you want to work on your income. Three, you want to apply
that income to a budget. You don’t wanna wait
until you get your money to start figuring out what
you’re gonna do with it. Like, at the beginning of the
month, every single month, because our lives change. This month, I have, you
know, a birthday party. This month, you know, I don’t
have the birthday party, so I have a little bit extra income. You know, this month, I have
to get this person a gift, or I have a wedding to
go to, or whatever it is. You know, our lives change and fluctuate. So having a monthly budget that
you set up at the beginning of the month, I can have a
whole video on how to budget. (Toya laughs) I’m like, am I making
more work for myself? But basically, what you
wanna do is you wanna predict how much, relatively, how much
money you’re gonna be making. Whether you get paid in one
lump sum, a bunch of little pieces, you wanna have your
income at the top, and then you want to subtract your bills
and your expenses from that. And anything left over out
of paying your minimums, you wanna apply whatever is left to the lowest debt that you have. This is the snowball effect, the snowball plan by Dave Ramsey. He has a whole book on
getting out of debt. I will link all of that stuff
in my blog post down below, and also in the blog post,
it will explain to you different ways, like
there’s two different ways of getting out of debt,
paying off either the debt that’s the smallest
first to gain momentum, or paying off the debt
with the highest interest. You have to know yourself
and what’s gonna work for you to keep you on track. I chose to pay off my smallest debts. Basically, say, for example,
I’m not gonna get too far into it, but say I have three
bills, each $20 a month. When I’m done paying off
that bill, the lowest one, say it’s like a hundred dollars, and my minimum payment was $20. I paid off it, and now
I have this $20 free. Now I’m gonna apply that $20 to the next. So now my minimum that I’m
creating for myself is $40. So now you’re gaining momentum, and you just keep going down
the line, paying off debt. And you have to literally be
laser-focused, and there’s gonna be people that are
not going to understand. But you have to know that
what you are doing right now is you are preparing for
a life even more abundant, even better than where you are now. You don’t have to starve
or look bad or raggedy in order to do it, because
do I look like I’m starving? So I look like I’m raggedy? No, you wanna take care
of yourself, but you want to make sure you have
a strict budget so that if you’re going to spend
a little bit on yourself, that you’re not gonna go overboard. And that’s where people mess up. Fourth, you wanna automate. Automate. And this doesn’t necessarily mean something technological, which it can. For example, if you’re wanting
to pay off a certain debt and you have problems paying
bills on time, auto-debit. Sign up for every auto-debit program that does your minimum
balance as possible. You have a credit card bill that can be on auto bill pay, do it. You have phone bills, you
have student loans, whatever, just get on auto pay so that
you’re not incurring more debt by those late fees, because
late fees and interest kill you. Literally, I hate them with a passion, which is why I don’t have any debt. (Toya laughs)
Just like, ugh. So you wanna automate as much as possible. You also wanna automate your
sort of personal schedule. I know that at the beginning of the month, when I’m setting up my budget,
like, that is what I do. I automatically do it. I look forward to doing it. Now, you may not be the
person that I am who loves moving around numbers and
gets super technical with it. Like, maybe that’s not
you, you know what I mean? Maybe you don’t like
researching a lot, or, you know, whatever it is, but you need
to figure out a schedule that works with you that
no matter what, this is what you do, especially at
the beginning of the month. And number five, mentors and supporters. As I said in the beginning of this video, my mentality about money was broken. It genuinely was broken,
and I had to start creating my own mentors
in the form of books, reading books, listening to podcasts, listening to seminars,
you know, conferences. I literally had to pretend
that these people were walking with me on my journey,
and also keeping my faith. I am a God-fearing woman,
and I, you know, believe that when I started setting
my mind toward my goal, God started opening up all
of these opportunities, all of these, you know,
financial opportunities for me that I didn’t have
before, and I think that it had to do with the law of attraction. (Toya laughs)
I really do. It’s like, I mean, like, it was just like, boom, boom, boom, boom, boom. Things just starting
happening, because in my mind, I was working towards them,
and I honestly believe that God started to work
in me because of it. So, you know, surrounding
yourself, even if they’re invisible to you, and you’re
just surrounding yourself, wrapping yourself in the
knowledge of someone else who is better off than you
are, who has more experience, who has more knowledge
on finances than you do. Every day, I would listen to podcasts. I drive a lot, I’m in L.A.. Every day, I’m on, you know, Quora, like, looking up, I don’t even
know, like, financial advice, and just literally soaking
in as much as possible. And I also read
entrepreneur books as well. That links back to the whole,
you know, income base of this. It’s like, finding ways to
surround yourself with those mentors, and also, the people
that support you, you know? You’re gonna go on this journey, and there’s gonna be a lot of
people who don’t understand. I, in my place of work, I work
with people that are younger than me, who aren’t necessarily
on the same journey as I am. And even when I was in my
early 20s and my mid 20s, you know, I still had this mindset of, no, I want to be responsible. I don’t wanna mess up my
credit, you know what I mean? Like, this is how I thought. I’ve always been sort
of that kind of thinker, and sometimes, sometimes
when you think different than everyone else, you just
have to keep to yourself. For me, it helps to have one or two people that really understand. My fiance, he gets it. I mean, he gets what I’m doing. He totally respects it. There are some things that
he doesn’t understand, but he’s trying to, and
then my best friend, who is literally on the
same track in life as I am. And, you know, just having
those people around you that understand why you’re not
gonna be going out for dinner, or why you’re preferring to
eat at home and have your own meals, or why you’re
working instead of partying. Surround yourself with
positive influences, mentors, people that are headed in the direction that you wanna go into. And that applies to everything in life. So, I just want to say, you can do it. You can do it, and it doesn’t matter how much money you make. You can make a little bit. You can make a lot of money. Honestly, there are so
many people that are, and I’m going off on a little tangent, but there’s so many people
who make hundreds of thousand dollars a year and literally
have nothing to show for it. The amount of income does not matter. (Toya laughs) It could mean nothing,
because if you’re overspending or you’re living outside of your means, you might as well be making nothing. Like, it doesn’t matter. So that kind of thing,
it never impresses me, how much someone says they make. It’s like, what you do with the money you do have is what matters. And you guys can tell from
the passion that I have that I am, oh, you guys. You can do it. I’m gonna link a blog post down below that has some books and
some of my favorite podcasts from Dave Ramsey, Suze Orman. If you’re an entrepreneur,
Robert Kiyosaki. Oh my God, so many people. Paula Pant, I believe, her podcast. Just people who are in that mindset. Who else? I don’t know, there’s so many. There’s so many books, and I will probably be adding even more. You guys can do it. You can do it. I’m getting excited. I have to go. I hope these tips help you. (Toya exhales sharply) If you have any questions or
comments, leave ’em down below. I love you. (upbeat electronic music)


  1. Jean Wandimi says:

    She's back! Love you Toya! Great insights on this video on how to get our life and money in check. <3

  2. MS. NUNYA says:

    Thnx girl, that really helped

  3. esther o says:

    Thank You. xx

  4. Amanda C says:

    I'm 25, I have my own place, and I barely make money and people can't believe I can take care of myself and a dog. I don't make a lot, but just like you I focus and write everything down and make sure I have my bills covered before I go spending money that I don't have. I also pay down my debt…I don't have a lot of debt but I have enough that I do care and I'm currently paying it off starting with the minimums. I would love more videos like this! especially would like to see the way you structure your budget plan.

    I just use a simple notebook and just write it down and put a check list next to it saying if it's paid or pending and the due date. I tend to forget due dates if I tried to keep it in my memory. If it's pending, I write down which account its pending on so that I know not to touch the money, I'll just watch it and make sure it goes. Also, having a car is another thing I have to spend on sometimes unexpectedly, so I do put money into my interest bearing savings account every month. My current goal is to get to $1,000 in savings but everytime I get close something happens lol I'm just glad that I'm trying and I won't give up. Another thing I just started doing is writing the letter V which stands for variables. That's my bills that are not a necessity that I got myself into or bills that fluctuate like gas, food, groceries. Credit cards, subscriptions or just monthly luxuries like cable are on that V list. I added up all my variables and my goal is to get rid of them so that I can have more to contribute to savings and be able to buy a house by the time I'm 35. I love your passion in this video as with all your videos which is why I subscribed.

  5. TV V says:

    Awesome accomplishment! Thanks for sharing your tips.

  6. MissAssiduous says:

    Congratulations, what an awesome accomplishment! I'm so happy to see someone your age with that mind set! Although I wanted that mindset when I was you age, I didn't have the discipline or drive to get there. Now I'm in my early forties trying to right my past financial wrongs! Keep up the good work and keep inspiring others!

  7. atdow71 says:

    This is amazing! I'm on my journey, had a bit of a set back.. but I'm back on track and looking to kick some serious debts butt in 2018.

  8. zheahra says:

    You're awesome! I love how you never changed. Don't get me wrong. You've grown a lot in wisdom and discernment. Thank you for putting this message for teens and young adults.

  9. abzster53 says:

    Hi, I just wanted to say that 'money isn't the root of evil' it's 'the love of money is the root of evil'. Money can help a lot, lol. Buy food, shelter, clothes, etc. It's just when people are too focused on getting money, sometimes it can lead you to do bad things in the chase for money. Hope that makes sense.

  10. kekesla says:

    I watched a video of yours a while back and you were paying $4000 towards your debt. You spoke about Dave Ramsey in that video too. I just want to say thank you so much for that video. I am proud to say that I am currently in Baby Step 6 because of that hint that you gave. Keep up the good work. Wishing you all the best in life and with your journey.

  11. sexyellex says:

    Excellent Video, LaToya!!! Awesome words of wisdom that you are sharing! Very proud of you!!!!

  12. Kim Vaughn says:

    Dave Ramsey is the best! Completely changed my life

  13. Ebony Jean says:

    This video helped me so much!!! I needed to see this. I just turned 27 and making this my year of getting out of debt! I have been stressing lately on where to begin and how I can reach my budgeting goals. So many mistakes were make over the years with my money, but I am ready to start fresh because I want to be financially stable and successful. I'm trusting God in the process of helping me accomplish this goal. Thank you so much for posting!! God bless you sis 🙂

  14. Love, Daring Greatly says:

    Love to see you using your platform to discuss money and debt. 💞

  15. martysturgis says:

    Off subject but has anyone ever told you that you resemble Essence Atkins?

  16. Taneisha Johnson says:

    which website can I legitimately use to take surveys online for an income?

  17. TheALGLifestyle says:

    ''What you do with the money you do have is what matters'' Thanks so much for this video. It has really inspired me to take better control of my finances.

  18. citygurl0105 says:

    I've been waiting on this!!!!!! 🙌🙌🙌🙌


    I love Dave Ramsey and Lisa Nichols. I fell off but I'm still striving. I just had to start the student loan process….pray for me

  20. Slay This Debt says:

    OMG!!! This made my day!! Congrats!!!! I have been following your journey since forever and when I saw this I was so excited!! We are debt free. We paid off over $80,000 in two years!! I vlogged about the whole journey. It was so therapeutic!

  21. Kyla Brown says:

    Thank you for this!!! I am a recent grad with a salary for the first time in life and a small business and I really didn't know where to even begin when it comes to debt

  22. trinigalbrooklynbabe says:

    I love Dave Ramsey. I read his books and I follow his debt snowball advice and I paid off a few bills already. I'm excited and can't wait for the end result and be debt free.

  23. Zion Kohenet says:

    Love this sis ❤️. Thank you for sharing your knowledge on this subject!! I'm still working towards getting all my debt paid off, using passive income to help, staying focused and on attracting opportunities to help move me forward with my meditation and positive thoughts👍🏾. You're a great inspiration🙏🏾

  24. Chizzy Charles says:

    Girl you are a bomb. Enjoyed this video so much. And you got a new subscriber here darling. Keep doing the good work ❤💞

  25. lisamevansceo says:

    Thank you so much. I am on the same journey and I’ve gotten sidetracked. This video has given me the motivation to keep going!!

  26. Tuscan Wonder says:

    Thank you in advance!

  27. Joshua Gabriel says:

    Congratulations to you!

  28. preteyes says:


  29. Tarsha Badwah says:

    Do you have any good survey websites you could suggest

  30. David Shawe says:

    This was a really inspiration video. I've just started the process of getting my finances in order! Thanks for making the video. #believe. 🙂

  31. Bella Darling says:

    You remind me so much of Tamera Mowry

  32. nazr04 says:

    I agree! This has bene helpful!

  33. T. T says:

    once I learned there were millionaires who made $60k a year during their career and broke people who had six figure salaries, it changed my view on income as the end all be all of financial security. with my old mindset, I could've made $200k a year I would have found a way to spend $250k and pile on more debt. on the down side though, my new way of looking at money is making me TERRIFIED to take on more loans to go to grad school

  34. Howie Day says:

    You remind me so much of Essence Atkins, and you even sound like her too. Freaky.

  35. Devon Horace says:

    THIS IS SOME MAJOR ADVICE! I think it was a really important piece you touched on with changing your mindset. Reading books, listening to a podcast, the law of attraction and surrounding yourself by mentors. Thank you for sharing.

  36. Sara Dietrich says:

    you're a queen 🙂

  37. Lady ! says:

    Anybody ever told you you look like Essence Atkins…. you kind of sound like her too…. or maybe I’m just trippin’…….. great video!!

  38. Ms. Gaston - says:

    Can you do an apartment tour? Love that painting behind you!!!!! Love your videos. Keep up the good work!

  39. Chantaé Candize says:

    I am so appreciative of your video; Thank you for your advice & honesty! Just subscribed!

  40. DJ SKOOLBOI says:

    Thank you for the amazing advice.!!

  41. Brianna Williams says:

    Just curious, I know you said it took a whole year for you to pay off your loans, but how long did it take you to gain the confidence to buckle down and start paying off your debt? While soaking up information, did it take you 6 mos. or 1yr before you said, "I've gained X amount of knowledge & now I'm ready to apply it to my reality." ??
    The first 4 mins of this video touched me in a way like you wouldn't believe! You were literally saying how I feel, word-for-word! ❣

  42. Mallory J says:

    You are such an inspiration

  43. Santonio Allen says:

    I’m 32….paid off my student loans last week (40k in 18mths). Almost debt free other than my mortgage now. It’s amazing how most people just think their situation is permanent and can’t change. Sacrifice, sacrifice, sacrifice. The concept of sacrifice is simple but the actual act of sacrificing is where people have trouble. Love how u spoke of mentors even those I probably will never meet. Dave Ramsey obviously was one of those. Hisandhermoney was another. Most importantly God is #1. Finance is something you have to indulge yourself in. Podcasts, YouTube videos, etc.. you literally have to study money and human habits with money. Listen to people who have made mistakes with money and those who have done well with it. Another thing that helped me was not being afraid to talk about money with others. When you start doing good things with your finances, people will notice and want to know what you are doing. Don’t be scared to inform.

  44. Sharon Mills says:

    Love it great job!!! Very tactful and informative just get rid of those ads. Money answered all things, with a mind that is focus on your dreams… Well done you will go far in life.

  45. Shanny Salcedo says:

    Snowball method is a great method but I prefer the avalanche personally but hey whatever works right 😀

  46. erica 💋 says:

    I love Dave Ramsey and love to see a fellow woman of God 😍 I’m on a debt journey as well!

  47. Cyra Orees says:

    I love your advise! Thank you 🙂

  48. Eva Flowers says:

    So glad I found ur channel, love ur personality and I'm all up to being debt free 🤗

  49. Laura Campos says:

    You go girl

  50. Annica S says:

    Really trying to get in the mindset that I deserve better than to scrimp by. Loved the discussion on passive income. Thanks for a great video.

  51. Jeanette Jamison says:

    Get a 2nd job for a season or every summer. Also whatever your monthly agreed amount pay on it every week and beat the bank interest. Pay small debt out 1st.

  52. TERRICA MORGAN says:

    Damn, the wake up call I needed today! Thanks sis, you got a new subbie 😊.

  53. Msdee Natural says:

    The Bible says it is the root of all evil, because it is.

  54. thenaturalforlife sisters says:

    I’m only 21 but I have a 1,000 credit card that I want to pay off which I will be doing but I also want to start saving to move out in the next few years maybe in the next 2 years so I’m getting a 2nd job saving saving saving to move and also get a car this video really helped thank you 😊 I’m also in community college so I go to college for “free” and will be getting my bachelors in the next two years for “free” so my goal is to be out my parents house by the time I get my bachelors 🙂

  55. James Bills says:

    OMG… I hope people understand how important what you said @ 1:15. This is the most important thing to get over. Saving the money and paying the debt is so easy once you get your mind right. I started out thinking logically on paper I should be done with this with debt in under a year. A month later I havent touched a bill and kept looking at the logical paper and tried again. 2.5 months later I realize it was my mindset… Lets see what happends fro this point on but what your saying is so important.

  56. miodyssey says:

    Crazy, you’re video just started playing randomly ; I look up and see your name. My name is Ebony Latoya. Lol

  57. Mr. Clyde says:

    Great message about mindset. It truly is a struggle to not limit yourself to a certain detrimental lifestyle.

  58. Whitney says:

    How did you find your mentors?!

  59. Aisa Kemp says:

    Toya what kinds of jobs do you have that allow you to audition?

  60. patrice dilliom says:

    Why am i just seeing this??

  61. Truth Exposer says:

    Act your wage. 😊

  62. Hope Hunter says:

    More videos like this please!! I need more!! 🙏🏽

  63. Elle Stuart says:

    I need your help lol

  64. MsSherryBlossom says:


  65. Kelly MIKE says:

    Expendablemoneysolution are the best hacker ever seen

  66. Allimarie Wallace says:

    I liked this video before it even started, I'm so happy for you!

  67. Shea S says:

    Omg! Can you get on with it already so much unnecessary jibber jabber, I literally just want to move on to somebody else's video!!!! Ugh

  68. FOREIGN ZOE says:

    Name 2 wealthy brown people? Lol I'm not wealthy

  69. FOREIGN ZOE says:

    Nice video tho keep us motivated on point

  70. AC Hustle says:

    I hit that like button and a new subscriber!! Great video!

  71. Jason N says:

    I love your attitude and personality !!

  72. Kendell D McKnight says:

    Love your story

  73. ivy Stanage says:

    What a beautiful background

  74. Earth Angel Heals says:

    Hustlaaaa Baby… got to do what you got to do to get the job done! Push ourselves just like we pushed during school

  75. Marriage With The Goldsmiths says:

    God bless, loved your video!

  76. Yevhenii Melnyk says:

    Great advices, and nice energy

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